The independent student newspaper of the University of Glasgow
University opens consultation on divestment
The University of Glasgow has opened up an online consultation for students on proposed amendments to the University’s investment policy.
The University has made an appeal for students and staff to provide their views regarding the University’s draft Socially Responsible Investment (SRI) policy. The consultation offers students and staff the opportunity to suggest any classes of investment that the University should exclude from their portfolio.
An email sent to students and staff on 14 October read: “Today, the University launches a full consultation on its Socially Responsible Investment (SRI) Policy. This initiative follows a petition received during the last academic year, supported by students, staff and alumni, advocating for the divestment of University endowment funds from companies generating more than 10% of their revenue from arms sales.”
The petition, organised by Glasgow Against Arms and Fossil Fuels (GAAF), demanded that “the University put an end to their investment in arms companies to ensure that the University is no longer directly responsible for harm inflicted upon both human life and the planet.”
Investment income makes up a significant proportion of the University’s total income, with it contributing a total of £23.2 million in the 2022/23 session.
The online consultation asks staff and students: “Do you think the University should exclude investment in defence firms which earn more than 10% of their revenues from defence-related activities?”, as well as: “Are there other classes of investment you believe the University should specifically exclude when we instruct our fund managers?”
Investment income makes up a significant proportion of the University’s total income, with it contributing a total of £23.2 million in the 2022/23 session.
The University’s current draft policy, linked in the University wide email, prohibits direct investment in: “tobacco production companies, fossil fuel companies, companies that manufacture controversial weapons, and companies that are in serious breach of international treaties to which the UK is a signatory.” However, it is unclear how the University defines “controversial weapons” or a “serious breach of international treaties”.
The draft policy also specifies that: “Groups from within the University may make representations in respect of an investment or investments held by the University or to change signatory commitments. Representations should be made in writing to the University Secretary.”
The University's investments have been a live issue on campus for some time now. In January, the student activist group known as Glasgow Against Arms and Fossil Fuels occupied George Service House at 11 University Gardens for over two weeks demanding an immediate divestment of any University investments in companies such as BAE Systems and the Thales Group, who are involved in weapons manufacturing.
Protest outside of 11 University Gardens in support of GAAF occupation.
The occupation ended after three terms were agreed: the scheduling of a meeting so that GAAF members could argue their case and demands to the Divestment working group; a guarantee that on 14 February the University court will discuss the conclusions drawn from the Divestment working group meetings; and occupants, students and staff would not face repercussions for their peaceful protest.
Last academic year also saw the election of British-Palestinian Surgeon, Dr Ghassan Abu-Sittah, as Rector of the University. Dr Abu-Sittah’s campaign pledged to “pressure the University to officially and unequivocally condemn Israel’s ongoing genocidal campaign in Gaza,” and “call for the University of Glasgow to divest from the arms trade”, as well as “call for the replacement of the IHRA definition with the Jerusalem Declaration on anti-Semitism,” which doesn’t link criticism of Israel to anti-Semitism.
University of Glasgow students and staff can access the online consultation here.
Published 15 October 2024